The global soup market was valued at USD 16.12 billion in 2019 and is projected to grow to USD 21.0 billion by 2027, exhibiting a compound annual growth rate (CAGR) of 2.79% during the forecast period (2020-2027). In 2019, Europe led the market, accounting for 37.66% of the global share.

The market's growth is driven by the rising consumption of processed food products in both developed and developing regions. Key factors contributing to this trend include the growing working population, an increase in working women, fast-paced lifestyles, urbanization, westernization, and higher per capita spending on processed foods. These factors have led consumers to favor instant food options such as ready-to-eat (RTE), ready-to-drink (RTD), and convenience food products, which in turn are fueling the expansion of the soup market.

Information Source: https://www.fortunebusinessinsights.com/soup-market-102838 

What Does the Report Include?

The report provides a comprehensive analysis of the market, including an in-depth evaluation of key drivers, restraints, opportunities, and challenges expected to influence the market during the forecast period. It also examines regional developments and their impact on market growth. The insights are derived from expert opinions and industry professionals, gathered through various research methodologies by our analysts. Additionally, the competitive landscape section offers detailed insights into strategies such as product launches, partnerships, mergers and acquisitions, and collaborations adopted by companies to strengthen their market position between 2019 and 2026.

Drivers and Restraints:

Rising Demand for Convenience Foods to Drive Growth

The growing global population and increasing disposable incomes are fueling the demand for convenience foods. Busy lifestyles have led consumers to prefer ready-to-eat and instant food products. The rising number of working women is also expected to contribute to market growth in the coming years. Manufacturers are innovating their offerings to meet this growing consumer demand. Additionally, the increasing popularity of packaged food products in both developed and developing economies is expected to support market expansion. For instance, according to the Canada Agri-Food Report, China recorded total sales of USD 272,741 million in 2019, with a projected growth rate of 7%.

Segmentation:

Instant Soup Segment to Dominate Market Growth

The Instant Soup segment (by type) is expected to experience significant growth in the coming years. In 2019, it accounted for 36.78% of the market share, driven by the rising consumer preference for ready-to-eat snacks. Meanwhile, the canned soup segment is anticipated to hold the second-largest market share, particularly in developed regions like the U.S. and Germany, where canned soups are more popular than chilled or dehydrated options.

Regional Analysis:

Europe to Lead Market Growth with Large Consumer Base

Europe is expected to dominate the global soup market, generating the highest revenue during the forecast period. In 2019, the region’s market was valued at USD 6.07 billion, with growth driven by a large consumer base and high demand for processed foods. North America is projected to be the second-leading region, supported by a strong preference for instant food products among consumers.

COVID-19 Impact to Boost Market Growth

The COVID-19 pandemic is expected to positively impact the market. According to Fortune Business Insights, the market will witness a high CAGR in 2020 due to the pandemic. Lockdowns imposed by governments have led to increased consumption of instant food products as people work and study from home. This trend is expected to drive market growth during this period.

Competitive Landscape:

Ritzy West End’s $15 Takeaway Package to Drive Growth

In May 2020, Chef Ris Lacoste of Ritzy West End introduced a $15 care package available for delivery and takeaway in Washington, D.C., amid the COVID-19 crisis. The package includes a weekly salad, freshly baked bread, and pint-sized soups, with no delivery fees. This initiative, along with similar efforts by other companies, is helping to support consumers during challenging times. Additionally, strategies such as product launches, collaborations, and mergers and acquisitions adopted by companies are expected to positively influence market growth between 2020 and 2027.

List of the Companies Operating in the Market:

• The Campbell Soup Company
• Nestlé S.A
• Baxters Food Group Limited
• General Mills, Inc
• Conagra Brands, Inc.
• Premier Foods Group Limited
• The Kraft Heinz Company
• Hindustan Unilever Limited
• Ottogi Co., Ltd
• Associated British Foods plc

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Industry Developments:

January 2020: Clarity Food Ventures LLC launched its new line of refrigerated soup kits, Soup Explorers. The product features minimal preparation time and offers a variety of flavors, including Vietnamese Vegetable Pho, American Chicken Noodle, and Moroccan Chilled Cucumber. This launch is expected to strengthen the company’s position in the global market.